01 GPR Topping out at 42mph 5500-6000 RPM...Help Please

Okay so slowly starting to get this ski back to life. Carbs have been rebuilt, cat removed, new fuel filters.

Took it out for first time since being put back together and its idle is about 1500 rpm. Starts up great, but tops out at about 42mph. Take a curve it drops to about 9-10 mph. Top RPM is 5500 to 6000. Could this be a powervalve issue? It made the noise when I first put it in the water to know it was cycling but when I took it out and tried to start it again, nothing.

Suggestions?? How do I check for powervalve issues and what specifically could it be?

Unhook the PV motor plug (follow the wires from the PV motor down to the plug), open them by hand, and run it at WOT on the water to see if your rpm gets back to normal. If it does, you've found the problem.

Okay before I put it in the water again I wanted to check it out. The cables seem to be connected correctly. I hit the start and a couple seconds later the cables moved and the valves seemed to have opened then closed. Tried it multiple times and seems to be working. So why is it that when I hit the water it does not seem to open up? Should I try the zip tie trick to see if they are opening while on the water at a high rpm?

Okay its not a Powervalve issue, its a much bigger issue, seems like the fantastic previous owner forgot to mention to me that at some point there was a powervalve issue which then dropped and now is a piston/cylinder issue. Really starting to wonder how many honest people are left in the world.